Belvedere Castle was intended to be a fantasy structure that provides a great backdrop and views, but without a real intended purpose. However, this all changed in 1919 when the National Weather Service began taking measurements from the castle's tower and it still serves as the official weather station for Central Park.

Over the decades the castle suffered from deterioration and in 1983, the Central Park Conservancy renovated and reopened the structure, which now also serves as the Henry Luce Nature Observatory.